For the second consecutive week, sugar prices across Eastern and Southern Africa remained unchanged, reflecting stable local currencies against the US dollar.
In Kenya, the import parities for VHP sugar from the world market revealed challenges. Mombasa lacked offers on parity, while Nairobi exhibited negative parity, unfavorably affecting the import community's competitiveness.
Port activities showed no shipments bound for Kenya, while vessels in Dar es Salaam and Kakinada port were involved in sugar trade, discharging Brazilian re-bagged raws and loading refined sugar for destinations like Sudan.
Regional news highlights include:
- Egypt's Ministry of Agriculture reporting sufficient sugar reserves until the end of 2024, with plans to import one million tons to address shortages.
- Dangote Sugar Refinery (DSR) in Nigeria aiming to produce 700,000 metric tons of refined sugar over four years through its Backward Integration Program (BIP), aligning with government guidelines.
- The Sugar Board of Tanzania confirming sufficient sugar stocks to meet domestic requirements for the off-crop season, following authorized imports to address production disruptions.
Overall, stable sugar prices in Eastern and Southern Africa coincide with various regional developments, indicating ongoing efforts to manage domestic demand, production, and imports to stabilize the sugar market.
Source Kulea.africa